Broke Rappers, @#%k up Contracts, and The IRS

Spread the love

I was reading an article in the XXL Magazine about how most all rappers who were in financial troubles with the IRS.

The article, also talked about the screwed up record contracts that many artist had which had lead to artist the being broke. For example, everybody remembers Young Buck‘s infamous phone to label mate and head executive 50cent. 50 cent recorded the call and let the world hear young buck crying about being in debt to 50 for several hundred thousand dollars. Also, you can’t forget MC Hammer filing bankruptcy on his 10 million dollar estate.

Bun B of the group Underground kings was quoted as saying “I still had a day job, because my recording contract was so screwed up, that I couldn’t afford to do other things back in my

early rapping career.” Many artist don’t believe that owing the IRS is real. Many artist just don’t make enough to pay back royalties that they owe the record companies. Record contracts have gotten even worse with the new 360 deal. If you are going to sign a contract, make sure you understand that the money has to be paid back, and that balling is not an option.

So many high profile artists are in the spotlight for being in debt with labels and the IRS so Atlanta rapper Killer Mike offers his insight on rappers and debt. In a recent interview with XXL magazine, he offers advice on side …

Tax default, bankruptcy, debt—real-life situations that the hip-hop community doesn’t like to talk about. But for many rappers, fiscal problems are a major issue… … @youngswagG0D | December 8, 2011 1:25 am. None of you fucks know anything because your not involved in the music industy LOL. but this article is amazing as a young rapper THANKS XXL MAG. Reply. jrash87 | December 8, 2011 2:23 am. i am an up an coming aussie hiphop artist,thats studdying the …

The “Can’t Touch This” rapper and his wife are being sued by the United States government for the $779585 it claims the rapper owes in back taxes, reports TMZ. According to the documents, the back taxes are from the years …

Your Online And Print Magazine Are You Next? google_ad_width = 468 …Rapper Young Buck is in court today (December 20), to determine what will happen to his assets. A number of his possessions could be liquidated in bankrupcy court in an attempt to satisfy his $300000 thousand debt to the IRS. His home was raided and … Nicki Minaj Official Music Video, Bill Cosby, Bill O’Reilly, Birdman, Birdman On XXL June 2011 Issue Check The Insert! Bizzy Bone, Blac …

Despite his bankruptcy claim in 1996 due to $13 million worth of debt, just half a decade earlier in 1991, Forbes Magazine had estimated the rapper’s net worth at over $33 million dollars. Hammer, who is known for his hit …

Though it’ll provide little comfort, Buck should realize that he’s in good company when it comes to hip-hop heads who’ve tested the mighty arm of the IRS and, unsurprisingly, lost. XXL takes a trip down memory lane to show …

About The Author

Cool Water is a rapper, blogger, podcaster, and internet marketer. Cool Water has over eight years of experience and specializes in social media, blogging, internet marketing, and consulting. Cool Water lives by the motto, "Don't Follow the Crowd, be a Disruptor!"